Smith was 124-81 in six seasons in Minnesota and reached the NCAA Tournament three times, but didn’t win a game until knocking off No. 6 seed UCLA in the second round last week.

Athletic director Norwood Teague, who was hired last year from Virginia Commonwealth, is likely positioning himself to make a run at VCU coach Shaka Smart, according to the report. Teague, along with senior associate athletic director Mike Ellis, hired Smart at VCU.

"Tubby has had a long and distinguished career and we feel it's time for a fresh set of eyes for our student-athletes and our program in general," Teague said. "We are grateful to Tubby and his entire staff for their hard work and dedication to this university, our students and the entire Minnesota community."

Smith came to Minnesota in 2007 after 10 seasons at Kentucky in which he took the Wildcats to the tournament every year and won the championship in 1998, his first season in Lexington, Ky.

"I want to thank the University of Minnesota and the people of Minnesota for giving me the opportunity to lead the Golden Gopher basketball program for six years," Smith said in a statement provided by the school. "Our staff did things the right way and will leave knowing that the program is in far better shape than when we arrived."

He also coached at Georgia for two seasons and Tulsa for four before being hired at Kentucky. In 22 seasons, Smith is 511-226 with 16 NCAA Tournament appearances and two NIT trips.

Smart was hired at VCU in 2009 and led the Rams to a 27-9 record his first season and a CBI championship. The following season, he took VCU to the Final Four—from the First Four—where they lost to Butler, 70-62.